Understanding the government stimulus money and Covid-19

The Covid-19 virus has changed the daily life of every resident in Washington State and around our world. People have been told to stay home and stay healthy. This has affected the economy and how people make and spend money.

The United States Congress Passed a law called the CARES Act. This bill was passed to help Americans while Covid-19 alters our daily life. In the CARES Act a stimulus package to help the economy was included. Most people will receive a stimulus check from the government. A stimulus check is when Government funds are used to help boost the economy, in this case it is sending money to most people to help them during this time.

Here is some information to learn about the checks:

Who Will Get a Check?

If your income is less than $75,000 per year, you are eligible

More than $75,000, your check will be lowered or eliminated

You must have a Social Security number

If you are over age 16, cannot be claimed as a dependent on someone else’s taxes.

The stimulus checks are being structured as tax refunds (even if you paid no taxes). Tax refunds do not count against food stamps, SNAP, CalFresh, Medicaid, TANF, SSI, healthcare marketplace credits, and most other government programs.

The stimulus check also will not count if it makes your bank account too high (it doesn’t count for 12 months).